Meitu, a leading Hong Kong-listed company known for its ventures into cryptocurrencies, recently announced a strategic move away from crypto assets such as Bitcoin and Ethereum. The company made headlines in 2021 by investing nearly $100 million in cryptocurrencies. Now, it has announced that its growth is now being directed primarily towards its artificial intelligence (AI) business.
Meitu sells Bitcoin and Ethereum assets
Kang Yicong, Meitu’s senior investor relations manager, recently announced that the company is no longer focused on buying and holding crypto assets. So he confirmed that they are considering selling them in the future. Yicong explained that this decision was due to the changing global economic environment, which has caused many companies to reconsider their spending habits. This change created an opportunity for Meitu’s products to attract attention in the market.
The company focuses on artificial intelligence
Kang Yicong stated that the company’s return from loss to profitability was largely due to its subscription system. He underlined that this system protects his earnings from the volatile macroeconomic environment. In addition, Meitu’s AI business has been a key growth driver in attracting new subscribers. In addition, it also contributed to profits.
Meitu’s current strategic focus lies in video production, which complements its AI initiative. In early October 2023, the company benefited from the global AI craze driven by technologies such as ChatGPT. Thus, it introduced its enterprise AI vision solution, MiracleVision 3.0. Kang Yicong emphasized that they expect artificial intelligence to play an important role in the development of the company and contributing to profits.
Meitu’s $100 million crypto investment journey
Meitu’s experience in the cryptocurrency market included a significant investment that initially faced losses. However, cryptokoin.com As we reported, recent market recoveries allowed the company to reverse approximately 190 million yuan of impairment losses on its Bitcoin and altcoin assets. Kang Yicong announced that Meitu will stop purchasing cryptocurrencies after 2021. He also stated that this decision was a strategic decision.
Kang Yicong expressed optimism about the offshore market, where demand for Meitu’s AI-supported painting and other functions is increasing. The company noted that it is initially targeting Southeast Asia, Japan, South Korea, Europe and the United States. In this direction, the company aims to design and launch products with a global perspective. It will adapt local development strategies to suit the unique conditions and demands of each region.
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